Grayscale Launches Two New Investment Trusts for Crypto Asset Management and Bitcoin ETF Issuance
In the ever-evolving world of cryptocurrency investment, Grayscale has once again made headlines with the launch of two new investment trusts – Grayscale Near (NEAR) Trust and Grayscale Stacks (STX) Trust. These trusts are designed to provide institutional investors with diversified exposure to cryptocurrencies, addressing the growing demand for crypto asset investment products.
Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary, emphasized the company’s commitment to launching products that enable investors to access emerging segments of the crypto ecosystem. By focusing on blockchain scalability challenges, Near Trust and Stacks Trust aim to drive greater adoption of cryptocurrencies and contribute to the advancement of the entire crypto ecosystem.
Both trusts are now available for daily subscription to eligible individual and institutional accredited investors. Similar to Grayscale’s existing single-asset investment trusts, such as the Grayscale Bitcoin Trust (GBTC), Near Trust and Stacks Trust are among the first investment products to focus exclusively on the tokens underlying the Near Protocol and Stacks Bitcoin Layer 2 (L2).
While Grayscale is seeking to list the shares of these new products on a secondary market, regulatory considerations from bodies such as the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) may pose challenges.
In addition to the launch of the new investment trusts, Grayscale recently announced the appointment of Peter Mintzberg as its new CEO, succeeding Michael Sonnenshein. Despite continuous outflows in the US spot ETF landscape, Bitcoin spot ETFs experienced a net inflow of $153.9 million on May 22, indicating a growing demand for crypto investment products.
As institutional investors now have additional options for diversified crypto exposure with the introduction of Near Trust and Stacks Trust, it is important to be aware of the risks associated with investing in such products, including regulatory uncertainties and potential deviations in share value.
The current price trends of STX and NEAR reflect a broader correction observed in Bitcoin and other major cryptocurrencies. STX is trading at $1.99, showing a decrease in value of more than 4% over the past 24 hours, while NEAR is trading at $7.56, reflecting a 3.4% decrease compared to yesterday’s price.
Overall, Grayscale’s expansion of its offerings with the launch of Near Trust and Stacks Trust underscores the company’s commitment to meeting the evolving needs of institutional investors in the crypto space. As the crypto market continues to evolve, it will be interesting to see how these new investment trusts perform and contribute to the growth of the crypto ecosystem.
